Debtors who file a Chapter 13 bankruptcy may experience unforeseen financial issues which cause problems with making their plan payments. If you are struggling in your Chapter 13 case, it may be time to consider converting it to a Chapter 7 case. The conversion process is usually fairly simple. Your bankruptcy attorney can file a Notice of Conversion and pay the applicable fee and, in most cases, the court will convert your case to a Chapter 7 within a few days.
Once your case has been converted, a Chapter 7 trustee will be appointed and schedule a meeting of creditors pursuant to 11 U.S.C. §341. Your previous Chapter 13 trustee will usually refund any plan payments being held. You will be required to file additional pleadings in order to comply with the requirements for a Chapter 7 filing. For example, a Chapter 7 debtor must file a Statement of Intent to inform the court ad creditors what the debtor intends to do with the assets pledged as collateral under secured loans. Additionally, you may need to amend your schedules and statement of financial affairs to inform the court of any changes that occurred between the date of the Chapter 13 filing and the date of the conversion.
If you are in a Chapter 13 case and you are struggling to comply with the terms of your Chapter 13 plan, consider converting your case to a Chapter 7 case to avoid having your case dismissed. Contact the attorneys at DeLadurantey Law Office, LLC to learn more about the conversion process and how it can benefit you.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC for all your Chapter 7 and Chapter 13 bankruptcy needs. Whether you need debt negotiations or debt relief, or even foreclosure defense, DeLadurantey Law Office will handles bankruptcy matters for the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. DeLadurantey Law Office, LLC can be contacted by phone at (414) 377-0518.